Pension funds shouldn’t be 'fearful' of Eskom - Ramaphosa

3WA

Executive Member
Joined
Sep 25, 2012
Messages
8,768
Here's the thing Cyril - even if you're genuine, don't dump our pensions into Eskom until you FIX THE FSCKING NPA! That way, when Eskom inevitably gets looted again, at least there's a tiny chance someone will get prosecuted for it.
 

Rabobi

Executive Member
Joined
Dec 15, 2006
Messages
9,681
There are so many articles saying how government has no more choices available to them except for pension funds to save Eskom. They haven't even tried. This is not the last option. They already know that they have 30000 too many employees at Eskom but instead of even thinking about that, they would rather fleece the SA public before doing the right thing. This is why SA deserves a downgrade to lower than junk.
Yep and the smoke and mirrors budget speech. I can assure you the people at moody's are not as dumb as your average anc muppet
 

TysonRoux

Executive Member
Joined
Aug 7, 2012
Messages
8,705
I could work with that... happily invest in startup IPPs.... so long as there is sweet FA government involvement in the running of the entity.
In other places where they have this type of arrangement, they ensure that the authority in control of power distribution is contracted to buy a minimum amount of power from them.

In one location I know of, the private power generating company complained that they'd always be low on the dispatch list.
 
Last edited:

LaraC

Honorary Master
Joined
Mar 11, 2014
Messages
40,270
Ramaphosa said South Africans "weren’t that good" at saving money and that pension funds were the main sources of money to save Eskom.
Didn't the ANC create this environment where it is easier to demand than do anything? :rolleyes:
 

beans100

Honorary Master
Joined
Jul 30, 2010
Messages
11,468
There are so many articles saying how government has no more choices available to them except for pension funds to save Eskom. They haven't even tried. This is not the last option. They already know that they have 30000 too many employees at Eskom but instead of even thinking about that, they would rather fleece the SA public before doing the right thing. This is why SA deserves a downgrade to lower than junk.
This is not suppose to be an "option" at all, let alone a last option. There's no faking way this is even remotely an option. It's just their narrow minds that's fixating on this money.
I actually blamed Rapport (news paper) for this. They're the ones who blurted all over the news papers, front page and large letters, how GEPF is 3 trillion strong, a few years back. That was very irresponsible of them.
 

Splinter

Honorary Master
Joined
Oct 14, 2011
Messages
24,108
I have spent many years building up my pension fund. It's now fairly sizeable. All the while paying my taxes. To come and raid my pension fund because of blatant maladministration and looting under the ANC government is totally unacceptable.
 

Jabulani22

Expert Member
Joined
Feb 11, 2017
Messages
4,175
True, he got rich like most of his cadres post apartheid through aa, bee and shady deals. He's useless just like the rest of them
You sir are the hammer which hit that nail square on the head , look to all of them who became "powerhouses" overnight and you will expose the corruption .
 

Acid0

Expert Member
Joined
Feb 10, 2009
Messages
3,998
"Ramaphosa said South Africans "weren’t that good" at saving money and that pension funds were the main sources of money to save Eskom "

So let me get this straight, first you say we are not good at saving, then in the same sentence you want to take our SAVINGS to rescue a place you destroyed..........

Tell you what get rid of deadwood, get rid of the MP handbook and let everyone buy their own car ... just like we have to, to do your work, then we can talk
 

Grant

Honorary Master
Joined
Mar 27, 2007
Messages
48,711
He's quite correct.
They really are being silly if fearful of eskom, they should be terrified.
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
16,278
As far as I’m aware there is already money invested in Eskom and other SOEs by most pensions funds based on risk via bonds etc.

Unless things change vs the economic outlook I don’t see why this value should leap forward.. after all.. we so bad at saving we need all the help we can get to beat inflation and bonds just don’t cut it..
 

John_Phoenix

Senior Member
Joined
Jul 8, 2017
Messages
711
Bye bye pension, it's like I never met you. Rama is at the point where he will say anything to keep his pockets lined and his head on his shoulders. Sorry South African Tax payer that worked for 30+ years, paying your PAYE every month, paying your uif and skills development levy, every month.

The government stole from you yesterday, will steal from you today, and already has plans for THEIR future, with YOUR pension. A nice big fat lifetime f*** you, PAY.
 

Johnatan56

Honorary Master
Joined
Aug 23, 2013
Messages
26,858
If government manage to even come close to passing a law that they can touch pension savings, I'd liquidate it instantly, the penalties and taxes are definitely less than sinking it in Eskom.

I'd also instantly migrate, since the SA economy will instantly be collapse as ownership rights will have been broken.
 

Neuk_

Expert Member
Joined
Jan 23, 2018
Messages
2,850
TBH he is between a rock and a hardplace on this one...

I do question his business acumen, but he also has very little choice about this with the populist viewpoints taking hold in the countries politics and if the ANC wants to hold onto power they have to cave to them....
I am sure he is between a rock and a hard place but South Africa needs a leader or leadership that makes the tough decisions, not the popular ones and using more of tax payers money to bail out an SOE that has been bailed out using the same taxpayers money already a few times is not the right decision in my view. I will admit that I don't know what the right decision is but decisions like this point to poor business practice and long term mismanagement.
 
Top